Stocks rise as investors anticipate election's end

Major stock market indexes climbed Tuesday as investors waited for the finish of a closely fought U.S. presidential election.
By MATTHEW CRAFT Modified: November 6, 2012 at 4:57 pm •  Published: November 7, 2012
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Major stock market indexes climbed Tuesday as investors waited for the finish of a closely fought U.S. presidential election.

“We're on pins and needles,” said Phil Orlando, chief equity strategist at Federated Investors, a money management firm. Orlando, who backs Republican Mitt Romney, said he thought the stock market's gains reflected optimism that Romney could win.

The Dow Jones industrial average rose 133.24 points to close at 13,245.68.

Companies that investors believe would benefit under a potential Romney administration surged. They included United Technologies and Boeing, which do substantial business with the Defense Department.

Four financial companies — Travelers, American Express, JPMorgan Chase and Bank of America — ranked among the 10 biggest gainers in the 30-stock Dow average.

Other investors say they simply want the election behind them. That will allow Wall Street and Congress to shift their attention to the so-called fiscal cliff, a package of tax increases and government spending cuts scheduled to take effect Jan. 1.

In other trading Tuesday, the Standard & Poor's 500 index rose 11.13 points to 1,428.39. The Nasdaq composite index gained 12.27 points to 3,011.93.

The price of crude oil jumped $3 to $88.71 in New York as reports suggested that Superstorm Sandy caused a drop in gasoline supplies. That also helped lift stocks in petroleum refiners. Tesoro Corp and Phillips 66 each rose 5 percent.

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